Products and services of Shanghai Baolong Automotive Technology Co. [Photo/WeChat account of Optics Valley of China]

On May 7, the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) signed a cooperation agreement with Shanghai Baolong Automotive Technology Co for the settlement of the company's intelligent driving global R&D headquarters in OVC.

Baolong, established in 1997 and headquartered in Shanghai, operates in seven countries including China, the United States, Germany, Poland, Hungary, and Austria. It also oversees nine production parks, 19 factories, and 11 R&D centers, with over 6,600 employees globally.

Specializing in automotive components, Baolong's products include valves, balance weights, exhaust system components, and tire pressure monitoring systems, among others. It holds leading market shares in global submarkets.

Baolong went public in Shanghai in 2017, and achieved a revenue of 5.9 billion yuan ($831.9 million) in 2023, indicating a 23.44-percent year-on-year increase.

The new headquarters will focus on the research and development of common and key technologies related to intelligent driving, as well as the centralized management of intellectual property rights related to intelligent driving operations.

Zhang Zuqiu, chairman of Baolong, stated that intelligent driving is an inevitable trend with vast market potential. Wuhan boasts a strong automotive industrial foundation, and the valley excels in the field of intelligence, as it is home to industrial giants such as Huawei, Xiaomi, and Tencent.